While depositing Income Tax, we must keep some things in mind. In this article, we are going to tell about all those things due to which taxpayers often get notices.
This includes choosing the right form, details of sources of income, HRA and home loan exemption claims, selection of old and new tax regime, etc.
The last date for filing ITR is July 31, 2023. Before this date, all those taxpayers have to deposit income tax, who do not have to audit their accounts. In such a situation, some things must be kept in mind before filing income tax.
1.Choice of Form
You should choose the correct form for filing income tax. If you do not do this, then after paying income tax, you can also get a notice and the IT department can also impose a fine on you.
2. Give details of all sources of income
Taxpayers should give details of all their sources of income while filing ITR. Savings account, dividend, interest income, rental income, tax free income and what gifts have been received during the year. Complete information should be given about this.
3.HRA and home loan exemption
If a taxpayer earns income from salary, then a part of his salary comes in the form of HRA , which he gets tax exemption. Along with this, home loan exemption is also given in the old tax regime. All these must be claimed at the time of paying tax on investments.
4. Check AIS
Annual Information Statement (AIS) gives complete information about all your financial transactions, investments, cash deposits, dividends, fixed deposits, etc. You can easily take SIS from Income Tax Portal. It should match the data of taxpayers.
5. Choose the right regimen
If you are filing income tax for the first time, then you have to choose between the new and old tax regime. You can choose a tax regime only once in your life. Because of this you should be careful while choosing it. In the old tax regime, there is a tax exemption limit of up to Rs 5 lakh, while in the new tax regime this limit is Rs 7 lakh.
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